sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you
 Five tax changes that come into effect from today
 7 tax changes from 1 April that will transform your lifestyle

Income tax dept approaches Swiss authorities
November, 17th 2012

The Income Tax department, probing the secret list of account holders in the Geneva branch of HSBC bank, has approached Swiss revenue authorities for banking data of certain individuals after investigations showed some of them reportedly had other accounts under fictitious names.

The department, which approached the Finance Ministry and the Central Board of Direct Taxes (CBDT) in this regard recently, has initiated the step in order to build a water tight case against those who have stashed illegal funds abroad and the action has been taken under the recently revised tax information exchange treaty between the two countries.

Top sources involved in the probe said that after India received the list, both the I-T department and the Enforcement Directorate (ED) have gathered vital leads on the financial investments of a certain number of individuals and it is suspected that a number of them hold other Swiss accounts under different names allegedly to evade the tax scanner.

The department, sources said, has also opened I-T assessments of a "specific number" of those named on the same list under the provisions of Wealth Tax laws.

The department, through the foreign taxation wing of the CBDT, has approached Swiss authorities as India can now "get information even if it only has limited details regarding the person having bank accounts in Switzerland".

This was not possible prior to May this year.

These "limited details" related to other Swiss bank accounts, sources said, were obtained by tax sleuths after investigations were conducted in various cities, acting on the HSBC Geneva list entities which was provided by the French government last year.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions